Recent developments in the financial industry have increased the compliance requirements for financial institutions. The financial institutions are faced with a wide array of compliance standards from a number of government entities, regulatory bodies, industry and trade groups and internal compliance requirements.
Maintaining compliance with the varying regulatory expectations requires meticulous data management. Often times, the data management is not uniformly applied, and varies by country, business operating unit and line of business. Maintaining proper data management often includes maintaining data lineage documentation.
As compliance standards have increased, so too has the amount of data maintained. Data maintenance includes a number of data elements for each transaction performed. Each data element must itself be traced and documented. Regulatory expectations require tracing the lineage of each data element through each point of operation within a scope of interest.
Financial institutions must also comply with regulatory requirements for maintaining data integrity and accuracy controls, as well as customer privacy. These controls impose strict requirements on data movement. Many of these controls have been implemented recently as a result of international agreements (Basel Agreements), United States regulatory developments (Dodd-Frank Act) and updates to existing regulatory infrastructure (FDIC).
The controls must be documented to ensure full compliance with the myriad of regulatory requirements. The increasing complexity of the data associated with maintaining compliance standards has imposed a greater burden on financial institutions in ensuring that data is properly maintained.
It would be desirable to provide solutions that allow for maintaining proper data lineage. It would be further desirable to capture all of the data relevant to every movement of every data element. The increased capture of data may allow for increased risk prevention, greater transparency in the banking process and greater privacy controls.
It would be further desirable, therefore, to generate a map clearly showing the details of the data flow, the location and types of controls. This information preferably allows a financial institution to increase data control. Additionally, this information preferably allows a financial institution to more readily adapt to changes in regulatory compliance standards. This information may also allow a financial institution to readily implement data changes that occur as part of the regular data life cycle.
Therefore, it would be desirable to provide data lineage that establishes the system responsible for data elements, as well as the governance of the data.
It would therefore be desirable to provide apparatus and methods for providing data lineage management operation procedures.